This
paper explains that the first two issues, in "Economic Issues Today" by Carson, Thomas and Hecht, are problems within the marketplace--American
agriculture and consumer
welfare; the format is similar in that it begins with an
explanation of the problem, followed by a
synopsis of the solution and then a complete breakdown of the solution by paradigm. The author points out that the third issue is dealing with externalities, asking the question of how society can save the
environment: The conservatives argue for the "fair" method that incorporates a cost-benefit technique, the liberal argument is that the "free market" does not always "ensure society's well being" and the radical argument is that conventional market-
directed and government-directed efforts are likely to be insufficient. The paper relates that the last issue is "Big Business" in which the definition of the problem relates to an explanation of the distinction between the competitive market structures of monopolistic competition, oligopoly and monopoly.
More summaries about the "Economic Issues Today"